For the three-months ended March 31, 2009, TearLab’s net revenues were $243,258 as compared to $7,200 for the same period in 2008.
The increase in revenues in the three months ended March 31, 2009, as compared to the against three months ended March 31, 2008, represents sales of the TearLab Osmolarity System, an in-vitro diagnostic that aids in the diagnosis of Dry Eye Disease or DED. The TearLab Osmolarity System qualified for the European CE Mark in October 2008 and is currently pending US FDA 510(k) clearance. The company’s strategy is to educate eye care practitioners everywhere that the TearLab Osmolarity System provides objective evidence of Hyperosmolarity, enabling them to effectively diagnose their patients with DED. The company is partnering with key opinion leaders globally to generate local country data to increase awareness and educate eye care professionals. The Company will be presenting the results of the clinical trials at conferences and trade shows and will publish the data in peer-reviewed journals.
As on March 31, 2009, TearLab had cash and cash equivalents and short-term investments of $1.3 million.
TearLab is an ophthalmic device company developing and commercializing novel, lab-on-a-chip technologies that enable eye care practitioners to test for highly sensitive and specific biomarkers in tears at the point-of-care.
